Wednesday, 17 April 2019

Bank Nifty Spot Outlook for 18th Apr

BANK NIFTY


In the previous session Bank Nifty spot opened at 30236.25 , made a low of 30228.20 , it made a high of 30590.95 ,  before closing at 30531.35

Had mentioned that long trade for the day will get triggered on sustaining above 30185 and short trade for the day will get triggered on sustaining below 30025 .Bank Nifty triggered our long trade and completed all daily targets giving 350 points . 

For the coming week :

Those who are looking to enter fresh longs should wait for Bank Nifty to sustain / close above 30145 and then enter for a initial target of 30360 - 30415 and look to hold further only on sustaining or getting a close above 30415 for the next targets of 30600 - 30805. 

&

Those who are looking to enter fresh short should wait for Bank Nifty to sustain / close below 29735 and then enter for a initial target of 29520 - 29465 and look to hold further only on sustaining or getting a close below 29465 for the next targets of 29280 - 29075.

Bank Nifty triggered our weekly long trade and completed our initial targets and also nearly tested our next target zone of 30600 - 30805 with a high of 30590.95 . Now in the coming sessions it needs to sustain above 30415 to move towards 30600 - 30805.



Bank Nifty now has immediate support at 29850 - 29780 and it needs to hold these levels in the coming sessions for a bounce else sustaining below it we can see a further downmove towards  29525 - 29425 .

On the upside Bank Nifty has immediate resistance near 31000 - 31075 . 

For the month of April , longs will be confirmed in Bank Nifty with a consecutive close above 31005 for a initial target of 31615 - 31770 and sustaining / closing above it we can see a further move till 32295 - 32875 . Similarly Bank Nifty shorts will be confirmed with a consecutive close below 29850 for a initial target of 29240 - 29085 and sustaining / closing below it we can see a further move till 28560 - 27980. 

Bank Nifty had triggered our monthly shorts but Nifty did not give a sell signal and we saw Bank Nifty bounce back .
Now in the coming session Bank Nifty needs to break and sustain above 30625 to test 30720 - 30745 initially and sustaining above it we can see a further upmove till 30830 - 30920. Similarly breaking and sustaining below 30440 we can see a test of 30345 - 30320 initially and sustaining below it we can see a further correction till 30235 - 30145.



Bank Nifty Spot Levels for the day are

Long above 30625 for 30680 - 30745 - 30920 , SL 30560

Short below 30440 for 30385 - 30320 - 30145 , SL 30505

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Disclaimer : These are my personal views and one should do their own research before entering any trades based on them  . The use of the blog is agreement that the blog is for informational and educational purposes only and does not constitute advice in any form in the furtherance of any trade or trading decisions.

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